Indonesian Rupiah holds ground ahead of President Prabowo’s 2027 budget address
USD/IDR loses ground after three days of losses, trading around 17,880 during the Asian hours on Friday. Traders remain cautious ahead of President Prabowo Subianto’s 2027 budget address to parliament later in the day.
The Indonesian Rupiah has held steady ahead of President Prabowo Subianto's upcoming 2027 budget address to parliament. Traders are cautious as the budget proposal is expected to prioritize domestic consumption, despite declining approval ratings and investor anxiety over commodity export restrictions. Market attention is now shifting towards Bank Indonesia's policy meeting next week, which will be the first following the sudden departure of Governor Perry Warjiyo and a cumulative 100-basis-point rate hike across May and June.
The USD/IDR pair is experiencing downward pressure due to the US Dollar's decline following a softer-than-expected US inflation report.
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